Looking to diversify beyond PGKZX? The mutual funds below have historically moved differently from PGKZX, which may reduce portfolio volatility when combined in a suitable allocation. The stock ideas table highlights individual companies with the same low-correlation characteristics. Correlation can change and does not guarantee that one asset will rise when another falls.
Best Diversifiers for PGKZX
3 mutual funds have low correlation with PGKZX (below 0.3), 0 of which are negatively correlated. The least correlated is PGIM Short Duration Multi-Sector Bond Fund (SDMZX) (Short-Term Bond) with a 1Y correlation of 0.24, up from 0.14 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| PGIM Short Duration Multi-Sector Bond Fund | 0.24 | 0.10 | 0.14 | 63 | Short-Term Bond | PGKZX vs SDMZX | |
| PGIM Short-Term Corporate Bond Fund | 0.25 | 0.11 | 0.14 | 66 | Short-Term Bond | PGKZX vs PBSMX | |
| PGIM Floating Rate Income Fund | 0.30 | 0.27 | 0.27 | 97 | Bank Loan | PGKZX vs FRFZX | |
| PGIM High Yield Fund Class R6 | 0.40 | 0.33 | 0.40 | 65 | High Yield Bonds | PGKZX vs PHYQX | |
| PGIM High Yield Fund | 0.40 | 0.30 | 0.38 | 63 | High Yield Bonds | PGKZX vs PBHAX |
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